Good news?
As Poslovni Dnevnik reports on the 11th of September, 2017, back in July of this year, the CEIZ index recorded a small increase of 0.01 compared to June, which means that overall economic activity in that month accelerated slightly in comparison to the previous month.
Based on the CEIZ index increase recorded in July this year, analysts from the Economic Institute, Zagreb (EIZ) forecast that the Croatian economy will achieve a real GDP growth of 2.9 percent year-on-year.
"In July 2017, the CEIZ index recorded a slight increase of 0.01 percentage points compared to June, which means that economic activity in that month accelerated slightly when compared to the previous month. The index value alone suggests that the Croatian economy will achieve real GDP growth of 2.9 percent compared to the same quarter last year.''
But EIZ analysts point out that this third-quarter GDP growth estimate is based only on index values for July this year, which is why the interpretation of the index value should be taken with a certain reserve. When index values for August and September are available, it will be more likely to project GDP growth in that quarter.
The CEIZ index is a coincident economic indicator, i.e - a monthly complex business cycle indicator developed at EIZ, with the purpose of providing timely information on the current business cycle status, which is why the value of the CEIZ index alters at the same time as changes in the business cycle occur. It is a multifaceted business cycle indicator that contains information that would otherwise need to be aggregated by an analysis of a large number of different economic series, the CEIZ index provides a monthly estimate by providing more accurate information on changes that take place over a shorter period of time.
The CEIZ index is available one to three months before the publication of quarterly GDP data, which is why economic policy makers and the public are able to keep track of economic trends in a timely manner, the EIZ notes.
Translated from Poslovni.hr
